The Effects of the Audit Committee Independence and Expertise on Firms' Value, an Empirical Study on Palestine Empirical Study on Palestine

International Journal of Economics and Financial Research
ISSN(e): 2411-9407, ISSN(p): 2413-8533
Vol. 7, Issue. 1, pp: 14-20, 2021
URL: https://arpgweb.com/journal/journal/5
DOI: https://doi.org/10.32861/ijefr.71.14.20
Academic Research Publishing
Group
14
Original Research Open Access
The Effects of the Audit Committee Independence and Expertise on Firms'
Value, an Empirical Study on Palestine Empirical Study on Palestine
Mohammed Azam (Corresponding Author)
School of Accounting, Dongbei University of Finance and Economics, Dalian, Liaoning, China
Email: mazzam1988@gmail.com
Man Wang
School of Accounting, Dongbei University of Finance and Economics, Dalian, Liaoning, China
Email: manwang@dufe.edu.cn
Article History
Received: January 10, 2021
Revised: February 15, 2021
Accepted: February 23, 2021
Published: February 27, 2021
Copyright © 2021 ARPG &
Author
This work is licensed under the
Creative Commons Attribution
International
CC BY: Creative
Commons Attribution License
4.0
Abstract
This study examined the influence of the characteristics of the audit committee on Palestinian firms' value. The research
explores precisely the effect on the Audit Committee characteristics' efficiency, namely, independence, expertise,
evaluating the relationship among dependent and independent variables. Secondary data collected from a list of
companies were registered in the Palestine Stock Exchange from 2011 to 2018. Individual variables considered are the
independence & expertise of the audit committee, whereas the ROA is employed as the dependent variable as an
indicator of a firm's value. The results showed that the Audit Committee's independence & expertise substantially
positive with ROA. The study concluded that the audit committee's characteristics are enhancing firm performance. The
implications of this study's findings can be used by decisions and policymakers, the firm's management, and other
stockholders' interests to create reliable ties between agents and the principals.
Keywords: Audit committee independence; Expertise; PSE; Firm value; Palestine.
1. Introduction
In the meantime, sub-board committees are set up and appointed with a role for the same attempt to enhance
board governance. The Audit Committee is an instance of this. As set out in the Code of Corporate Governance, the
audit committee is responsible for evaluating firm financial procedures and the company's financial position (Saat et
al., 2012). The Audit Committee also monitors internal control procedures to ensure that codes are properly
respected (Gendron et al., 2004). About external audits, the committee must nominate and mediate an external
auditor and management to ensure that external auditors are terminated (Gibbins et al., 2010).
The audit committee must be impartial to carry out an efficient supervision and pay greater attention to
information (Abbott et al., 2000). Research shows that the external committee director's involvement strengthens
the committee's objectivity (Be' dard et al., 2004). Audit committee proactivity would further enhance corporate
governance, safeguard shareholders, and reduce the imbalance of asset pillage and information (Turley and Zaman,
2004). As a result, company efficiency is increased by enhancing the Board's oversight and decreased information
asymmetry through the participation of an efficient committee. This also alleviates the dilemma of the Department as
the audit committee requests that the details be duly disclosed (Gibbins et al., 2010). The following research
question is directly addressed by this study:
Different financial irregularities place greater liability on the board. Those financial irregularities raised
concerns about the audit committee's monitoring efficacy in conflict resolution (Ebrahim, 2007). The principle
suggests that the audit committee should uphold the credibility of financial statements. Access to financial irregular
reports is also the responsibility of the audit committee (Klein, 2002). The audit committee plays a crucial role in
strengthening coordination gaps and reducing the inconsistencies between the management and the external auditor.
The action of the monitoring management therefore expects to constrain future exploitation and supplies the
necessary information to the external auditor.
The connection between the financial report and the audit committee currently has contradictory analytical
findings. Companies that create and audit committee should generate accurate financial reports in compliance with
the postulation agency and some empirical findings. The independence of the Audit Committee has been found by
Carcello and Neal (2000) to decrease the likelihood that auditors report. The Rezaee et al. (2003) results, however,
indicate that otherwise. In the creation of the Audit Committee, his results do not boost financial information
reliability.
In a country like Palestine, the need for research on the relation between audit committee and business
performance is significant. This is due to efforts by the country in seeking structures of corporate governance that
boost corporate performance and thus draw more foreign investment. There are very few papers still available on the

15
study, considering the various reports on the audit committee and firm achievements in Iraq. The following
subheadings address the factors defining the efficacy of the audit committee in previous studies.
2. Literature Review and Hypothesis Development
Audit committees are responsible for oversight. The supervisory role of the audit committee is made more
successful when the Committee, management and the Board of Directors have a working relationship (IIA Institute
of Internal Auditors, 2009). Apparently, the audit committee's supervisory role as a sub-committee of the board deals
with financial statements. As they control the board and give them added assurance, their presence is also very
important. An audit committee's key role is to assist in resolving conflicts of interests between the board and the
management. If you comply perfectly with the Corporate governance code, the result would be favourable. A well-
defined position, skilled staff and professionalism are important factors that improve the audit committee's
efficiency. Moreover, coordination between the audit committee, the board, the external and internal auditors would
enhance the effectiveness of the audit committee.
Prior literature analysed the relationship between audit committee and firms value. Puni (2015) A sample of the
Ghana Stock Exchange from 2006 to 2010 examined and identified the positive correlation between ROA, ROE and
the audit committee life. The analysis of the different role of auditing boards on management was analyzed by
Ghafran and O'Sullivan (2013). The results of the audit committee on the stock market response indicate that
investors trust the setting up of audit committees. Beasley et al. (2009) It claimed that in relation to the
establishment of the audit committee is the high reporting framework. In addition, from 2010 to 2011, the analysis of
80 companies listed on the Karachi Stock Exchange was conducted by Muhammad et al. (2016). The study
established a positive relationship with firm performance using ROA and ROO as metrics between the presence of
the audit committee.
In Bangladesh, Rouf (2012) the relationship between firm value in the Dhaka Stock Exchange has been studied
(measured via ROE and ROA), the presence of an audit committee using 93 listed non-financial firms, and a
significant relationship has been established.In other words, between 2006 and 2007 Bremert and Schulten (2008)
investigated 160 listed German companies and found a negative relationship between firm results and the existence
of the Audit Committee by using ROA and Tobin's Q as indicators.
The content of the financial statements of any company can only be accepted on the basis of certain claims put
forth by the previous investigations if the audit committee exists. This is supported by the Agency's hypothesis by
referring the committee as another internal management tool. Table 1 thus summarizes the findings of the empirical
studies discussed above about the relationship between company success and the existence of the audit committee.
2.1. Audit Committee Independence
In separate corporate ownership and the problem of agency conflicts in monitoring performance, an efficient
audit committee is needed as part of the corporate process. The Board consists of an audit committee that functions
actively for the sake of corporate governance. The independence of the audit committee is a crucial problem in
previous studies. Under these literatures, the audit committee enhances reporting independently of the audit
committee (Lin et al., 2006). As stated under the Corporate Governance Code, the Audit Committee makes an
important contribution to ensuring that corporate values are essential because of the independence and professional
actions of the committee members. A combined sample from Singapore and Malaysia was used by Bradbury et al.
(2006) to analyze the correlation between accounting quality and the composition of the audit committee. The results
of the study indicate that the independence of the audit committee increases earnings efficiency.
The relation between independence of the audit board and firm performance was recently investigated by
Hamdan et al. (2013) on the list of stock exchange companies in Amman. The audit committee's independence
enhances the company's efficiency. The audit committee's position affect the performance of the ROA and ROE
performance proxies on a sample of Tunisia-listed firms from 2007 to 2010, according to Bouaziz and Triki
(2012).The audit committee's independence has been shown in relation to the success of businesses. The
independence of the audit committee and the financial results of Oman are significantly positive (Al-Matari et al.,
2014).
Conversely, no connection exists between the independence of the audit committee and the financial results of
Indian companies (Bansal and Sharma, 2016).On the contrary, as reported by Robin and Amran (2016), there are
negative links between independent audit committee and firm performance (2016). The analysis was carried out in
122 Indonesia Stock Exchange family-owned listed companies between 2010 and 2014. There is also a negative
relationship between Dar et al. (2011) from Pakistan. Wakaba (2014), found in Kenya that the audit committee has a
negative correlation with the company's results.
The independence of the manager would thus assist them to reduce their credibility and offer a quality corporate
decision. The independence of the Audit Committee from the point of view of Palestine would allow the members to
determine their financial reporting policy, the external audit process, the auditor's independence and the financial
condition of the company in an objective and impartial manner we thus hypothesis the following hypothesis:
H1: Audit committee independence positively affect firm's value.
2.2. Audit Committee Expertise
Themes that bother about the efficacy of the audit committee have increased in recent years, based on
committee members' expertise and knowledge. The Board of Directors' duty shall ensure that the financial statement

16
is accurate and valid in order to ensure that stakeholders can properly evaluate the financial situation (Hamid et al.,
2015). Delegates from the board of directors are responsible for supervising the management's financial statements
to the audit committee. According to Bradbury (1990), by introducing a sound management structure, both internally
and externally, the integrity of the financial reporting process is improved by the audit committee. Most citizens
have a proper understanding of and knowledge of financial statements to preserve the integrity of the financial
reporting standards and to track the financial reporting system effectively.
Recently, regulatory initiatives have made arrangements requiring the member to hold at least one financial
competence to enhance the efficiency of the audit committee. Awareness of the audit committee should cover all
other areas of the company's operation in excess of accounting and auditing knowledge. The right question can be
asked and the management scrutinized with such a knowledge and understanding of the activities of the
organization. In several ways, previous research explored the financial expertise of the audit committee as one of the
core features of an efficient committee.
The relationship between management supervision, audit committee financial experience and financial report
method was investigated in comprehensive studies. There are many empirical findings which support the fact that a
financially stable audit committee enhances the quality of the figures (Abbott et al., 2002). DeFond et al. (2005)
Empirical results show the positive impacts of investor response on the appointment to audit committee of
representatives with financial experience relevant to accounting skills. Regarding financial reporting, a study showed
that financial expert audit committee reduced the vigorous reporting process (Be' dard et al., 2004; Dhaliwal et al.,
2006). Zhang et al. (2007) companies with internally poor control have stated the members have less financial and
non-financial experience. The relation between the audit committee's financial competence and their independence
was investigated by Mustafa and Ben Youssef (2010). They stated that the misappropriation of the assets reduced by
independent directors with financial expertise. Abernathy et al. (2014) further research showed that accounting
knowledge is connected to reducing the latency of financial reporting. It also indicates that the audit committee's
accounting expertise enhances the efficacy of the audit committee.
The relationships between the audit committee and expert and firm achievement were reported in Malaysia by
Rashidah and Fairuzana (2006) to be positive. In addition, Zábojníková (2016) analyzed the relationship of
experience and skills in the audit committee and firm success by ROE steps process. In the London Stock Exchange
list 72 British companies were chosen. The study shows that the awareness and experience of the audit committee is
optimistic about firm results (ROE). Similarly, there has been a positive correlation among the expertise and expert
and firm success of Ojeka et al. (2014), Wakaba (2014), and Amer (2016).
However, the relationship between the expertise of the audit committee and the expert and the company
performances was considered negative by Glover-Akpey and Azembila (2016). In 2015, 36 of the listed companies
in Ghana were considered by Glover-Akpey and Azembila (2016). For the audit committee expertise, experts and
firm results the study found a negative financial expert partnership.
In their studies, Hamdan et al. (2013) both reported positive ROE and EPS and not important ROA and Tobin's
Q. Gunes and Atilgan (2016) studied ten Turkish banks and ten UK banks from 2006 to 2010. The research showed
that the correlation between expertise and firm performance in the audit committee is negative in Turkish banks but
not substantial in the case of ROE-compliance with UK banks.
Consequently, the experience and skills of the audit committee are important in order to ensure active
involvement in the evaluation of the appropriateness of management accounting. This research considers this
variable to be significant, given the unfinished association between the expertise and the audit committee and the
firm value of previous studies we consider the following hypothesis.
H2: Audit committee independence positively affect firm's value.
3. Research Design
3.1. Sample Selection and Data Collection
The data gathered from two sources that are companies' annual financial statements listed in Palestine Stock
Exchange Market (http://www.pex.ps) and OSIRIS database of financial information. Firms' annual reports are used
to collect manually the the number of independent and expertise members of audit committee.
All companies listed on the Palestinian Stock Exchange market are non-financial companies. However, the
financial firms listed (banks and insurance companies) are omitted, as they comply with some lows and regulations.
Consequently the research population is 34 non-financial listed undertakings, as shown in Table 1, covering the
manufacturing, investing and service sectors from 2011 to 2018 We exclude missing value-added company-years, as
well as negative and null before-tax revenue observations that result in final results 278 company-year observations.
Table-1. Industry classification
Sector No. firms Percent
Service 12 35.3
Industry 13 38.2
Investment 9 26.4
Total 34 100

17
3.2. Variable Measurements
3.2.1. The Dependent Variable (Firm value)
ROA is used as measures for profitability in a corporation. Latif et al. (2013), have reported that ROA would be
used to calculate the net income divided into total assets by year-end. ROA gives an example of how efficient
management in assets is used to provide revenue. The calculation of ROA is by calculated by dividing the annual
earning of the firm by its total asset. In this case percentage is used to measure ROA.
ROAit = Net incomeit / Total Assetsit
3.3. The Independent Variables
3.3.1. Audit Committee Independence
The number of Qualified Non-Executive Directors on the audit committee considered to be independent
member as stated in Nawafly and Alarussi (2016); Hamdan et al. (2013); Bouaziz and Triki (2012); Robin and
Amran (2016).
3.4. Audit Committee Expertise
Audit committee expertise of the Audit Committee measures the amount of financial experience of the audit
committee (Hamdan et al., 2013; Nawafly and Alarussi, 2016; Ojeka et al., 2014; Wakaba, 2014).
4. Econometric Specification
To test our hypotheses, we specify the following ordinary least squares (OLS) regression model:
ROA it = α0 + α1ACINDE it +α2 ACEXP it +α5 INDTYP it +α3 LEVG it ++YEAR4 it +e
Where ACINDE audit committee independence and ACEXP audit committee experience, We also used control
variables that could affect companies proprieties, regarding to audit committee independence & expertise, LEVERG
is the percentage of total long-term debts over total assets. Badertscher et al. (2013) resulted a positive relationship
between leverage and effects of audit committee cherecterestics. INDTYP it dummy variable; representing three
industry types "manufacturing, investment, and service sectors.
5. Results and Analysis
5.1. Descriptive Statistics
The summary statistics of our dependent and independent variables are listed in Table (2). The mean ROA is
.0155, while the mean values are .132 and .1629 percent for ACIND and ACEXP, respectively. Compared to those
stated by Bouaziz and Triki (2012) and Tornyeva and Wereko (2012), these findings indicate a fair effects of audic
committee characteristics. The level of independence and experience of the audit committee differs significantly
among our firms sampled. ACEXP, the lowest stage of ACIND, is .010 and .019 respectively.
Table-2. Descriptive statistics
Variables Mean SD Minimum Maximum
ROA .015 .0192 -.52 .2015
ACINDE .129 .2345 .011 .152
ACEXP .159 .1796 .018 .1625
LEVERG .1239 .1996 0 .823
INDTYP .273 0.2539 0 1
Notes: Table 2 provides informative statistics for a targeted sample of 34 Palestinian companies listed on the Palestinian
stock exchange market, ROA of profits before tax scaled by total assets ACEXP is the number of committee members
with accounting certificates, ACINEP determined by the number of members of the audit committee who are not
members of the board, LEVERG is the ratio of total long-term debts
5.2. Correlation Matrix
The Pearson correlation between variables used in empirical regressions is presented in Table 3. We find ROA
and ACINDE and ACEXP correlating significantly, and we have tested multicollinearity among independent
variables with the regression model, the correlation between independent variables and VIFs to test the multi-
coolinarity of Table 4, VIF range from 1.05 to 1.79 below 10 (Neter, 1996).
Table-3. Spearman correlation matrix
ROA ETR1 ETR1 LEVERG INDUS
ROA 1
ACINDE 0.676*** 1
ACEXP 0.0757* 0.176*** 1
LEVERG -0.0130* -0.0135* -0.162*** 1
INDUS -0.0672 0.0631* -0.0608 -0.132** 1
Note: ROA is of income before tax scaled by total assets ACINDEP and ACEXP are audit committee independence
and experienced members, , LEVER is the ratio of total long-term debts over total assets, INDTYP it dummy
variable; representing three industry types "manufacturing, investment, and service sectors.
;***,**,*are signiﬁcance levels at 1,5 and 10%, respectively

18
5.3. Multivariate Analysis
Table 4 illustrates the results of the audit committee independence ACINDE, ACEXP on ROA , we can observe
positive and statistically significant relationship firm value and audit committee independence and expertis. Table 4
suggest that this results support hypothesis of positive relationship between audit committee independence, expertise
and firm value. Tornyeva and Wereko (2012) and Bouaziz and Triki (2012), Al-Matari et al. (2014) Table 4, with
the control variables shows that companies with increased business types appear to promote less audit committees'
dependency, shows the positive relationships between corporate value and the audit Committee independence and
experience. LEVERG has reported positive ties between the independence of the leverage and audit committee and
expertise, in accordance with Badertscher et al. (2013).
Table-4. Shows the results of multiple regression analysis using ROA dependent variable
Variables Predicted sign Coef T-value Sig VIF
Intercept -7.4 -.73 .465
Independent variables
ACINDE - 0.31166** -1.93 0.055 1.79
ACEXP + .3618* -1.87 0.063 1.54
LEVERG - 0.0129** 0.42 0.0672 1.09
INDUS - .5435 -0.27 0.787 1.05
Observations 278
Adjusted R-squared .39
F-test. 21.40
Prob > F .000
Note : Table 4 report regression results using OLS , ACINDEis is calculated by the number of independent members
ROA is of income before tax scaled by total assets , LEVERG is the ratio of total long-term debts over total assets,
INDTYP it dummy variable; representing three industry types "manufacturing, investment, and service sectors.
;***,**,*are signiﬁcance levels at 1,5 and 10%, respectively
6. Conclusion
This study explores the impact of the competence and independence of the audit Committee on firm value. In
terms of the important market value, we are seeing a positive relationship between firm principles and independence
& the experience of the Audit Committee on the basis of a sample of 34 Palestinian listed companies during 2011 to
2018. Our findings are important in the Palestinian context, which considered exceptional because of the poor
security of investor rights. In addition, the stock market in Palestine has not adequately grown. This study has
spotlight on audit committee efficiency on unique environment in Palestine and thus extend literature that focused on
developed countries. Simultaneously, considered as basis in Palestine and other Arab countries for future research in
this area.
Although there are still restrictions on the last consequences of this analysis, one sample is restricted. However,
the study encourages the researchers to undertake research into corporate governance in Palestinian and Middle East
States to better understand the correlation of successful corporate management to other business variables, since the
Palestinian exchange market has few listed companies, as small countries with precarious political circumstances.
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